We see MATIC move higher in 2023. MATIC is the cryptocurrency used on the Polygon blockchain network. It is one of the most active blockchain projects. Adoption is a crucial factor in 2023 as explained in our latest crypto predictions. Given adoption and the MATIC price chart we believe it is fair to see MATIC clear secular resistance in 2023. Therefore, our MATIC price forecast 2023 is between 2 USD and 2.44 USD.
Note that MATIC is the name and the symbol of the token that runs on the Polygon blockchain network.
MATIC token in 2023
We are really bullish on the price of MATIC primarily, but not only, because Polygon is one of the projects that continue to excel in terms of development, growth, adoption.
The short version of what the Matic (Polygon) network is:
In other words, Polygon, formerly known as Matic network, provides an easy framework for new and existing blockchain projects to build on Ethereum without scalability issues. Using Polygon, users can interact with any decentralized application (DApp) without ever having to worry about network congestion.
One of the many things that really stands out in 2022 is their Disney partnership:
The Ethereum scaling tool is one of six companies selected by the media and entertainment giant to be a part of its program to develop AR, NFT and AI Experiences.
We believe MATIC is on track to force breakthroughs in 2023 and beyond.
MATIC price forecast 2023 based on its daily chart
Our MATIC price forecast is based on the daily and weekly charts.
The daily MATIC chart has a massive consolidation with 0.34 as support and 3.5 as resistance. This is huge.
As seen, MATIC bounced from 0.34 to 1.00 in the summer of 2022. This is a giant move. In our view, it is part I of a really big W reversal structure. In other words, price has to come down but set a higher low in order to confirm this big W reversal setup. Even if MATIC falls to 0.67 it will qualify as long term bullish.
We don’t want to see a lower low (not below 0.34 for 3 consecutive days) as it could invalidate our bullish MATIC price forecast for 2023.
MATIC price forecast 2023 based on its weekly chart
The weekly MATIC price chart is the second chart we use for our MATIC price forecast 2023.
The weekly chart has data going back 3 years which is a very long time for a fast moving market like crypto.
The weekly emphasizes the importance of the recent lows. It also confirms the magnitude of the ongoing consolidation that we saw on the daily chart.
The 1.00 USD as resistance is confirmed on the weekly chart. The invalidation level (below 0.34) is also confirmed.
The potential for a large W reversal between 0.34 and 1.00 is also visibly confirmed on the weekly.
What is the weekly MATIC chart adding as an insight? Well, in fact, it is primarily confirming the findings of the daily chart. That’s really great and increases the confidence of the daily chart conclusions.
The one additional insight from the MATIC weekly chart is the massive gap between 0.05 and 0.3. The 6x rise happened fast, presumably too fast. This underlines the importance of MATIC to respect its recent lows set at 0.34. Any break below that level could create damage as there is hardly any support below 0.34.
MATIC forecast invalidation conditions
The point we made above is truly crucial as an invalidation condition: MATIC has to respect its 2022 lows around 0.30-0.34 USD.
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